Quarterly and Yearly Growth
Lucid (LCID) shares jumped 8% on Monday following the release of robust sales figures for the fourth quarter and full year. The electric vehicle (EV) maker reported producing 3,386 vehicles and delivering 3,099 in Q4, significantly up from 2,391 produced and 1,734 delivered in the previous quarter. For 2024, Lucid produced 9,029 units and delivered 10,241, surpassing its 2023 figures of 8,428 produced and 6,001 delivered.
Market Reaction
The company’s stock responded positively, reflecting investor confidence in Lucid’s ability to navigate slower growth in the EV industry. Even as major players like Tesla reported their first year-over-year decline in sales, Lucid demonstrated resilience and progress.
Gravity SUV to Drive Future Growth
Lucid is poised for a pivotal year in 2025 as it scales up production and sales of its Gravity SUV. The company projects that Gravity sales could outpace those of its Air sedan by fivefold. Starting at under $80,000, the Gravity qualifies for the federal EV tax credit of $7,500 — though the incoming Trump administration has signaled intentions to eliminate this incentive.
Lucid CEO Peter Rawlinson expressed confidence that the potential removal of the tax credit will have minimal impact on the company’s higher-income customer base. “Lucid, amongst all the EV makers, is really the most immune from that,” Rawlinson stated in a Bloomberg interview.
Lucid plans to reveal further details about its fourth-quarter performance, production updates, and financial outlook during its earnings report on Tuesday, Feb. 25, after market close.
